With a likelihood of 60% to 70% chance of selling to a current customer, but only a 5% to 20% chance of selling to a new one, why are so many retail businesses fascinated with new customer acquisition methods? Would these same businesses be better off crafting their marketing and advertising campaigns centered around strategies to increase the experience of existing customers? It’s hard to say one strategy is better than the other as each organization is different. With that being said, it’s still important for organizations to realize that the highest likelihood of a positive return on investment will more than likely come from their existing customers.
Much like any organization, retailers often struggle with developing new and innovative ways to increase their dynamic revenue growth. With the help of the resource accompanying this post, however, retailers should be able to get a leg up on the competition. The resource is centered around an omnichannel strategy that connects online and in-stores sales techniques together to create a customized experience for any retailers’ customers. While most customers find that online shopping feels the most personalized as a result of cross-selling, with proper execution, the same tactics used online can be integrated into physical retail locations. Through these tactics and upselling strategies used by sales representatives in store, retailers can gain a competitive advantage.
Another important take away from the featured infographic is that omnichannel marketing is imperative to the success of a retail business today. Digital marketing has become increasingly important as the amount of online exposure retailers can receive has skyrocketed. Think about it, most customers don’t spend all that long shopping in physical retail locations. On average, a customer will spend anywhere between fifteen minutes to an hour in a retail store. A strong digital presence allows retailers to continue to engage with their customers long after they exit their physical locations. In fact, a number of the strategies retailers use digitally are meant to attract customers to physical retail locations.
Another way in which these strategies are impactful comes from the need for personalization. Customers are able to feel like they’re not just another number to businesses as a result of personalized communication and offerings. Customized texts alerting specific customers of a new shipment of a product they were looking for, or a deal that is exclusive to customers on an e-mail list are some ways in which personalization can make all the difference.
That’s not to say digital techniques shouldn’t be integrated to retail locations though. On the contrary, some digital techniques in store are quite effective. For example, touch screen monitors or tablets are great for displaying critical information regarding products in store while also allowing customers to interact with these tools and get a more hands-on look at everything a product has to offer.
Weaving these strategies into existing processes can be a challenge for many retail businesses. With the help of the infographic coupled alongside this post, it should be simplified a great deal. Take a moment to review the infographic, courtesy of IDL Displays.
